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  #16241  
Old Posted Jan 17, 2020, 8:11 PM
biggus diggus biggus diggus is offline
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I don't hate parking, I understand that people need it and it should be provided. I don't think you'll ever see me being unrealistic about those kinds of needs.

Both buildings at 3rd and Fillmore have a significant amount of construction going on and the one on the north side has a new wrap around the fence. Ten years ago it seemed like 75% of proposals never amounted to a thing. Pretty cool.
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  #16242  
Old Posted Jan 17, 2020, 11:18 PM
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Quote:
Originally Posted by biggus diggus View Post
IBoth buildings at 3rd and Fillmore have a significant amount of construction going on and the one on the north side has a new wrap around the fence. Ten years ago it seemed like 75% of proposals never amounted to a thing. Pretty cool.
That area is astonishing, isn't it? Aspire, O'Neill, ASU residential and the Fillmore just a block down the road all going at the same time. It's like watching a brand new city going up.
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  #16243  
Old Posted Jan 18, 2020, 7:46 AM
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combusean combusean is online now
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Also the Alta Fillmore complex and whatever it's named with the NAC housing and everything. I count 1810 units in the West Fillmore neighborhood alone that are new or on their way, excluding the 400 bed dorm.

Rendering for Fore's Second at Fillmore: this is a beast of a building

https://www.edi-international.com/second-at-fillmore
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  #16244  
Old Posted Jan 18, 2020, 8:41 AM
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Originally Posted by xymox View Post
I've noticed this my last few flights in/out of town - the downtown/midtown gap is shrinking (from that perspective) and downtown is filling in.
https://goo.gl/maps/ZsHxf8vdaqBNC6Rv6 for a view of the gap from the freeway with some new projects like Link done.

I can't believe how huge the hospital tower is. It has almost as much square feet as Chase Tower and it was rarely covered on this forum.
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  #16245  
Old Posted Jan 19, 2020, 9:47 PM
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  #16246  
Old Posted Jan 20, 2020, 7:10 AM
xymox xymox is offline
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Originally Posted by combusean View Post
https://goo.gl/maps/ZsHxf8vdaqBNC6Rv6 for a view of the gap from the freeway with some new projects like Link done.

I can't believe how huge the hospital tower is. It has almost as much square feet as Chase Tower and it was rarely covered on this forum.
Took a co-worker who lives in San Francisco to Monroe's Hot Chicken for lunch last week. He's never been to PHX before - his comment as we were driving around was 'I had no idea downtown Phoenix was so dense'. Was nice to hear that.

Can't wait for more of these projects to be wrapped up. May not be contributing a lot to the overall height for the skyline - but are having a difference in density for sure.
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  #16247  
Old Posted Jan 21, 2020, 5:17 AM
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That last picture looks amazing! But looking at the Hyatt on the 3rd pic wish the could just tear that down plus the 2 blocks north of it. Imagine if those could get all filled up with Towers instead of a super garge covering one whole block some random 2 story building that takes up another and the Hyatt. Probably the 3 most wasted blocks in the core.
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  #16248  
Old Posted Jan 21, 2020, 6:15 AM
Phxguy Phxguy is offline
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Originally Posted by Sepstein View Post
That last picture looks amazing! But looking at the Hyatt on the 3rd pic wish the could just tear that down plus the 2 blocks north of it. Imagine if those could get all filled up with Towers instead of a super garge covering one whole block some random 2 story building that takes up another and the Hyatt. Probably the 3 most wasted blocks in the core.
Who actually uses that garage? I thought Chase relocated a few hundred employees from the Tower to their regional office in Tempe. If so, is the garage used by any offices nearby or is it largely just public parking?
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  #16249  
Old Posted Jan 21, 2020, 8:38 AM
rmcxion rmcxion is offline
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Originally Posted by Sepstein View Post
That last picture looks amazing! But looking at the Hyatt on the 3rd pic wish the could just tear that down plus the 2 blocks north of it. Imagine if those could get all filled up with Towers instead of a super garge covering one whole block some random 2 story building that takes up another and the Hyatt. Probably the 3 most wasted blocks in the core.
Couldn't agree more! The parking garage is definitely an eyesore even up close in person. You can easily fit two to three towers in that block alone with some mix-used development. Also, why doesn't the city of Phoenix build something on the SW corner of Monroe and First? There's certainly potential in that area for density improvement. One thing at a time though right?
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  #16250  
Old Posted Jan 21, 2020, 2:35 PM
gymratmanaz gymratmanaz is online now
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Wrapped fencing is up south of Mcdowell and west of 40th St. I know a while back it was to become an industrial park. Is that still the plan? Something new is happening.
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  #16251  
Old Posted Jan 21, 2020, 3:52 PM
Obadno Obadno is offline
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Originally Posted by gymratmanaz View Post
Wrapped fencing is up south of Mcdowell and west of 40th St. I know a while back it was to become an industrial park. Is that still the plan? Something new is happening.
I thought it had been planned to be a Data Center but it never moved so I figured it was dead.

Good to hear that it is moving, such a weird piece of vacant land given its location.
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  #16252  
Old Posted Jan 21, 2020, 5:26 PM
Phxguy Phxguy is offline
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Just passed by the collection of auto repair and sales businesses that mar the intersection of 12th St and Van Buren but low and behold...all the cars are gone. Also looks like demolition has begun on some of the structures. Last I heard, this is going to be 4-5 story affordable housing development.
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  #16253  
Old Posted Jan 21, 2020, 5:35 PM
ASU Diablo ASU Diablo is online now
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First McKinley land sells in Downtown Phoenix for $7M

The site where the old McKinley Club sits and future site of the proposed high-rise

https://azbigmedia.com/real-estate/b...hoenix-for-7m/
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SVN Desert Commercial Advisors completed the sale of First McKinley, a development site located at the NWC of 1st Ave. and McKinley St. in downtown Phoenix. The property was acquired for $7 million by development group, First McKinley Owner, LLC. Specifics on the proposed development will be announced at a future date.

The Seller, Drapac Capital Partners, originally acquired the property in November of 2013 for $1,880,000 with a long-term vision of the development potential of downtown Phoenix and more particularly Roosevelt Row. Sebastian Drapac states, “There was a lot of irrational negativity when we bought the site, but it was clear how undervalued downtown Phoenix was. The city has rapidly urbanized and the demand for quality sites with the right ingredients has driven values, and we believe it’s only the start.”

First McKinley consists of six individual parcels totaling 1.68 acres of land. Existing zoning allows for mixed-use, high-rise development.

Justin Horwitz and Paul Borgesen III of SVN Desert Commercial Advisors negotiated the transaction on behalf of the Seller. Horwitz and Borgesen have completed upwards of $100 million in transactions with a heavy focus in central Phoenix. “We are excited to be a part of yet another significant development site in the downtown Phoenix submarket. There is so much positive momentum along Roosevelt Row and downtown in general and this will be yet another project that will solidify downtown Phoenix as the true central core of the city,” stated Horwitz.
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  #16254  
Old Posted Jan 21, 2020, 6:21 PM
Obadno Obadno is offline
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Originally Posted by ASU Diablo View Post
The site where the old McKinley Club sits and future site of the proposed high-rise

https://azbigmedia.com/real-estate/b...hoenix-for-7m/
Cool, hopefully this development comes through I think it would bring another grocer downtown as well
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  #16255  
Old Posted Jan 22, 2020, 3:42 PM
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Apparently, Stewart has mad issues and also having problems renting out the units to the point that 2 floors have been converted to Airbnb units. I am also surprised to read it's its so easy to walk into the building without having to enter a code or use a key. Link has a code box installed and most places downtown have some kind of security or another.

I hope Aspire doesn't have these same problems or Aspirant/Empire is going to run into reputation issues down the road for providing shoddy buildings.

https://www.phoenixnewtimes.com/news...blems-11429237
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  #16256  
Old Posted Jan 22, 2020, 4:14 PM
PHXFlyer11 PHXFlyer11 is offline
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Originally Posted by RonnieFoos View Post
Apparently, Stewart has mad issues and also having problems renting out the units to the point that 2 floors have been converted to Airbnb units. I am also surprised to read it's its so easy to walk into the building without having to enter a code or use a key. Link has a code box installed and most places downtown have some kind of security or another.

I hope Aspire doesn't have these same problems or Aspirant/Empire is going to run into reputation issues down the road for providing shoddy buildings.

https://www.phoenixnewtimes.com/news...blems-11429237
I think it's a bit sensationalized and not indicative of the overall market. Sounds like a management issue. How do you not have locked doors and a call box though? That blows my mind!

There is a crowd that goes around believing nobody can afford to live in these "luxury high-rises" and that they're all empty and rented out for Air BnB. Publications like New Times exist to fan the flames on such things.

The reality is, if people are complaining about high-rents they should take a lesson in supply and demand, and instead root for as many new buildings a possible so supply will exceed demand and rents will fall.
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  #16257  
Old Posted Jan 22, 2020, 4:27 PM
Obadno Obadno is offline
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Rents keep going up in town which means people are moving in.

When rents stabilize or lower then you will see the pace of construction slow.

Its actually good if they are having trouble filling these apartments, the cost of rent downtown is too expensive in my opinion. Prices may have to come down.

Also that article reads like a complainers dream. Sounds mismanaged but it also sounds like some hoity-toity tenants that want to complain
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  #16258  
Old Posted Jan 22, 2020, 4:34 PM
biggus diggus biggus diggus is offline
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New Times writers constantly write a lot of articles based on heresy. Everything they say should be taken with a grain of salt. That said it seems like it would be very easy to fact check occupancy numbers.

I would not be pleased if I spent $2,500 a month for a two bedroom crackerbox and undesirable people were just walking into my building. The level of expectation should be higher than that. If anything it sounds like there will be some litigation between the developer and contractors, much like what we dealt with at Landmark with the construction defects from converting to condos.
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  #16259  
Old Posted Jan 22, 2020, 4:43 PM
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I read a lot of the reviews on Stewart after I posted the article. Most of the reviews are fairly positive, but there are some that pretty much point out the problems that the article addresses...specifically on Yelp. As for the occupancy, I researched that a few months ago and was fairly certain it had a fairly high occupancy with only a little over a dozen units available. Of course, if 2 floors are reserved for Airnbn units, that could skew the numbers quite a bit.

But I do feel like there was a little bit of bias in the article considering it brings up a lot of the flack that the developers got for demolishing most of the building. I feel the author was probably part of that crowd. I don't follow New Times much, but wanted to post the article as a different perspective. I would still live there
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  #16260  
Old Posted Jan 22, 2020, 5:05 PM
biggus diggus biggus diggus is offline
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I made an argument to you all quite some time ago that the occupancy numbers are false for a lot of these buildings because they've taken many units out of inventory to use as short term rentals.

That's now appearing to be a supported argument.

Add in the fact that they're having trouble renting units (if that's true) and we're getting pretty close to a market adjustment.

Interesting side note: The most expensive apartment building I have in my portfolio is getting me about $1,100 for two bedrooms. It's in Garfield. I haven't had a turnover in that building of 4 units in over 3 years. If anything I love the high rent prices. A guy like me who has a building without all the superfluous amenities can offer a reasonable price and none of my tenants can afford to move because everything else downtown is double the price!
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